3 Ways to Choose a Good Insurance at Every Stage of Your Life – One thing we can learn from the Covid-19 pandemic that happened is that unexpected things can come at any time. There are so many uncertainties in life that you need a safety net that can be present in the form of insurance. But how the heck to choose a good insurance for each stage of life?
Everyone in each phase of their lives certainly has their own goals and priorities that are different from each other. For example, when we are single we will prioritize careers to be quickly established; when married, we generally prioritize family and children, while when we are senior, we will expect more peace of mind in retirement.
3 Ways to Choose a Good Insurance at Every Stage of Your Life
The difference in priorities will make our protection needs change at every stage, there are various types of insurance products that can answer these needs. What’s the example like? Come on, let’s discuss them one by one!
How to Choose Insurance When You’re Single – Good Insurance
When you are single, it is only natural that insurance has not been the top priority. Let alone having insurance, just to save money, you may still be scrambling with this and that, starting from daily necessities, traveling hobbies, to pocket money to hang out. But that’s precisely the reason why insurance is more needed. If suddenly something unexpected happens, we can rest assured because we have protection. Rest assured, if you are disciplined and have a smooth career, you can set aside some funds for savings, emergency funds, and most importantly insurance.
What Insurance Is Required? – Good Insurance
Tips for choosing insurance when you are single, first of all, is to know first what are the needs at this stage of life. Because it can be said that it is still entry-level, as already discussed in one of the news portals, Bisnis.com. You can start by guaranteeing the two most important things first, namely health and mental health. Health insurance covers you when you fall ill, ranging from mild to critical. Meanwhile, life insurance will provide sum insured for the person left behind or compensation in case of disability due to an accident.
Read : 7 Things You Need to Know About Life Insurance Policies
Budget is an important thing to pay attention to at this stage. Check your income every month and allocate some of the funds for insurance according to your ability. If you have imagined the range of budgets that you can set aside, compare it with the premium options offered by insurance providers. Premiums are fees that you must pay every month and the insurance provider will give you a variety of choices for the nominal. The greater the premium, the greater the coverage benefits you will receive.
Well, you can choose the nominal that is closest to the budget. And remember, pay attention to daily needs and savings as well when determining yes!
Which is More Priority – Good Insurance
The next tip for choosing insurance is to know yourself, especially regarding your medical history. If you are a person who is often sick or has a certain medical condition, you can prioritize having health insurance first. Health insurance premiums will generally be greater than life insurance, but because of certain medical conditions, it is better to still prioritize health insurance first.
On the other hand, if you don’t get sick easily and don’t have certain medical conditions, you can prioritize life insurance whose premiums are more affordable. Moreover, if you have dependents, for example, paying for the lives of your parents and younger siblings, then life insurance will be very important.
How to Choose Insurance When You Are Newly Married and Have Children – Good Insurance
Entering the wedding, of course, the daily necessities have also changed. For the sake of financial stability to meet your needs with your partner, you may start cutting hangout costs, being more diligent in cooking and eating at home, or allocating a larger emergency fund. Especially if you plan to have offspring.
When starting a family, you should review and top-up the health and life insurance benefits that have been protecting your needs while still single. With different priorities and the financial strength of both, the options available are certainly becoming more and more. On the other hand, if you have never had insurance, this is the right time, have protection as the foundation of a prosperous household.
When Blessed with Children – Good Insurance
Well, when the baby is present, of course, the monthly budget will change again. Needs will also require adjustments, ranging from children’s education in the future, more complete insurance coverage, to funds for family time.
If so, you can start considering a new option, namely family insurance. Try to check the options offered, whether the benefits are enough for your family, how much the premium is worth, and match it again with the budget you allocated. By switching to family insurance, you can use only one insurance policy to protect all family members. Try to spend time with your partner to make a review and determine the most suitable insurance program.
Speaking of taking time, another consideration besides the benefits of insurance is convenience. The free time you have is likely to decrease in the midst of busy work and taking care of your family. Therefore, the insurance you choose must be easy to use. For example, reviewed Kompas.com, insurance that offers cashless facilities is generally considered easier to use compared to those using a reimbursement system. You can simply come to the hospital and show your membership card, there is no need to pay off in advance and take care of the claim later.
Start Investing – Good Insurance
Tips for choosing the next insurance, if there is still a budget that can be set aside, you can also start considering investment insurance or unit links. This type of insurance mainly provides protection like other types of insurance, but is accompanied by long-term investment facilities in premium payments. As the Financial Services Authority explains, the money you pay is partly placed into insurance benefits, and the other part into the investment product you choose.
Read : 10 Best Tips to Get Settled To Pay Insurance Adjuster
The reason is that over time the needs of the family will continue to increase, plus inflation, and the future of the child. It is important to continue to improve financial stability so that tomorrow will be better. In addition, in time, you will also enter retirement as we will discuss together in the next section.
How to Choose Insurance When Entering Retirement – Good Insurance
For old age, choosing insurance is actually better done since before retirement. However, it is never too late, after reaching the establishment and entering the period before retirement, you can increase the premium to be calmer when you have stopped working, and see new options that can guarantee in the longer term. Take advantage of dual-purpose insurance products such as MiFuture Income Protector (MiFIP) as one of the solutions for planning a pension fund during your preparation period.
But don’t forget that the health risks along with age are certainly increasing. Serious diseases began to appear and require more attention. Therefore, the first tip for choosing insurance is to review the health insurance coverage you currently have and see if it covers the diseases that tend to come in old age. If it is not currently covered, one of the recommended products is critical illness insurance to complement insurance benefits ahead of retirement.
For Future Children and Grandchildren – Good Insurance
Then, you can also start looking at insurance options that not only protect health, but also valuable assets that can be continued to the next generation. Where you want to manage the pension fund as effectively as possible so that it can be used for daily living expenses and set aside savings as a valuable relic for the family. As well as the accumulation of other assets that we have will also become valuable relics for our children and grandchildren in the future.
Therefore, it is important to protect it so that the people we care about and later generations can continue to enjoy it. The solution is protection such as those offered by MiPreparation Legacy for Our Assurance (MiPrecious), an individual dual-purpose life insurance product with long-term protection benefits to prepare future funds that can be continued to the next generation.
That’s how to choose a good insurance at any stage of life. Come on, protect every stage of your life with careful financial planning. With good preparation, then a bright future is not impossible will be yours.
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